Volvo Cars to build first US factory

Swedish carmaker Volvo Cars announced plans Monday to build its first factory in the United States, 60 years after it started selling cars in the country.
It will be Chinese-owned Volvo's fifth factory, and comes in the wake of a two-year turnaround of the Swedish brand's fortunes since it was sold by Ford in 2010.
"Volvo Cars cannot claim to be a true global car maker without an industrial presence in the US. Today, we became that," chief executive Haakan Samuelsson said in a statement.
The manufacturer said it has not decided on the location of the new plant, but said it would invest about $500 million (461 million euros) on the project, "underscoring its long term commitment to the US market."